United Airlines Holdings: revenue, profit and cash flow

In fiscal 2025, United Airlines Holdings had revenue of $59.1B, up 4.5% a year on average since 2015, and net income of $3.35B (5.7% of revenue). It has 13% fewer shares than in 2015.

Revenue, fiscal 2025

$59.1B+4.5% a year

average annual revenue growth since 2015 · +3.5% vs 2024

Net income, 2025

$3.35B

5.7% of revenue

Diluted EPS, 2025

$10.20

−6.3% a year since 2015

Revenue growth, 5 years

30.9% a year

since 2020

Shares, 2025

328M

−12.8% since 2015

Free cash flow, 2025

$2.56B

$8.43B from operations − $5.87B capex

Ticker: UAL · Nasdaq
Sector: Industrials
Sub-industry: Passenger Airlines
Headquarters: Chicago, Illinois
Founded: 1967
In the S&P 500 since: September 3, 2015
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: United Airlines Holdings, Inc. · CIK 0000100517

Revenue and net income

Revenue went from $20.2B in 2008 to $59.1B in 2025. Net loss in 2008–2009, 2012, 2020–2021.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from −$42.59 in 2008 to $10.20 in 2025. Ten-year growth: −6.3% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

12.8% fewer shares in 2025 than in 2015 (377M → 328M): buybacks outweighed new shares.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $2.56B in 2025, 4.3% of revenue. Negative in 2008, 2012–2013, 2017, 2020–2021, 2023.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Shares	Operating cash flow	Capex	Free cash flow
2025	$59.1B	$3.35B	5.7%	$10.20	328M	$8.43B	$5.87B	$2.56B
2024	$57.1B	$3.15B	5.5%	$9.45	333M	$9.45B	$5.62B	$3.83B
2023	$53.7B	$2.62B	4.9%	$7.89	332M	$6.91B	$7.17B	−$260M
2022	$45B	$737M	1.6%	$2.23	330M	$6.07B	$4.82B	$1.25B
2021	$24.6B	−$1.96B	−8.0%	−$6.10	322M	$2.07B	$2.11B	−$40M
2020	$15.4B	−$7.07B	−46.0%	−$25.30	279M	−$4.13B	$1.73B	−$5.86B
2019	$43.3B	$3.01B	7.0%	$11.58	260M	$6.91B	$4.53B	$2.38B
2018	$41.3B	$2.12B	5.1%	$7.67	277M	$6.16B	$4.07B	$2.09B
2017	$37.8B	$2.14B	5.7%	$7.06	304M	$3.47B	$3.87B	−$396M
2016	$36.6B	$2.23B	6.1%	$6.76	330M	$5.54B	$3.22B	$2.32B
2015	$37.9B	$7.34B	19.4%	$19.47	377M	$5.99B	$2.75B	$3.25B
2014	$38.9B	$1.13B	2.9%	$2.93	390M	$2.63B	$2.0B	$629M
2013	$38.3B	$571M	1.5%	$1.53	391M	$1.44B	$2.16B	−$720M
2012	$37.2B	−$723M	−1.9%	−$2.18	331M	$935M	$2.02B	−$1.08B
2011	$37.1B	$840M	2.3%	$2.26	383M	$2.41B	$840M	$1.57B
2010	$23.3B	$253M	1.1%	$1.08	253M	$1.91B	$416M	$1.49B
2009	$16.3B	−$651M	−4.0%	−$4.32	151M	$966M	$317M	$649M
2008	$20.2B	−$5.4B	−26.7%	−$42.59	—	−$1.24B	$475M	−$1.71B

Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.

About these figures

No dividends per share in the filings data. Usually that means no dividend, but some companies report theirs in a form the data do not capture.
Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.

Other Passenger Airlines companies

DAL

Delta Air Lines

revenue $63.4B (2025)

LUV

Southwest Airlines

revenue $28.1B (2025)

All 83 Industrials companies

Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.